How do you measure the effectiveness of your targeting strategy?
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Before you can measure anything, you need to have a clear idea of what you want to achieve with your targeting strategy. What are your specific and measurable objectives? Do you want to increase awareness, generate leads, boost sales, or retain customers? How do you align your targeting goals with your overall business goals? How do you communicate your goals to your team and stakeholders? By defining your goals, you can establish a baseline and a direction for your targeting efforts.
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You measure effectiveness by how much it engages and spreads the community/reputation you create for yourself. It also depends on what you do to sell and or engage in said community, via email, calls, video calls, etc.
Once you have your goals, you need to decide who are the segments of customers you want to target. Segments are groups of customers who share similar characteristics, needs, preferences, or behaviors. You can use different criteria to segment your market, such as demographics, psychographics, geographics, or behavioral. You can also use a combination of these criteria to create more specific and relevant segments. The key is to choose segments that are large enough to be profitable, but small enough to be distinct and reachable.
After you have identified your segments, you need to determine how you will reach them. What are the channels and platforms that your segments use and prefer? How do they consume and interact with information and content? How do they make decisions and purchases? You can use various sources of data, such as surveys, analytics, social media, or customer feedback, to understand your segments' channel preferences and behavior. The goal is to select channels that are effective, efficient, and consistent with your brand and message.
The next step is to create and deliver a message that resonates with your segments and motivates them to take action. What are the benefits and value propositions of your products or services for your segments? How do you differentiate yourself from your competitors? How do you appeal to your segments' emotions and logic? How do you use storytelling and visuals to engage and persuade your segments? You can use various techniques and tools, such as copywriting, design, video, or email marketing, to craft and deliver a compelling message.
The final step is to monitor and analyze the results of your targeting strategy. How do you measure the impact and outcomes of your targeting efforts? What are the key performance indicators (KPIs) that reflect your goals? How do you collect and interpret the data from your channels and segments? How do you report and present your findings and insights? You can use various methods and tools, such as dashboards, reports, charts, or graphs, to track and visualize your results.
The last but not least step is to optimize your targeting strategy based on your results. How do you identify and address the strengths and weaknesses of your targeting efforts? How do you test and experiment with different segments, channels, or messages? How do you learn from your successes and failures? How do you adapt and improve your targeting strategy over time? You can use various approaches and tools, such as feedback, reviews, surveys, or A/B testing, to optimize and refine your strategy.
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Consider using tools from the DMAIC (Lean Six Sigma) methodology to improve targeting. Define: In a team use an Ishikawa to understand the customers real challenges. Measure: You don't always need a fancy CRM, use check sheets based on your existing client / enquiry population. Analyse: Try a Pareto chart and a Kano to understand whether the solution you are selling is a necessity or merely a nice to have. Improve: Use a Taguchi DOE instead of A/B testing to give you a more nuanced flavour for your message, as it is easy to go down the wrong rabbit hole. Control: Use a simple visual dashboard to indicate if your target market changes (because of new technologies becoming available).
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